If I get remarried, how can I protect my assets and ensure they go to my children?
If you get remarried, there are several ways to protect your assets from future divorce or upon death. Certain steps can be taken to ensure your assets go to your children. The transfer of assets can take place immediately after you die or after your spouse has used the income from your assets during their life. Perhaps the assets are available for your spouse and what your spouse hasn’t used flows to your children. Careful consideration of these issues is important to prevent hard feelings between your children and your spouse.
If you hold assets together with your new spouse, how can you ensure things are divided fairly between families? How do you ensure the assets you’ve created together are protected if you die and your spouse gets remarried? Who will have control over the division of assets and how is self-dealing or the perception of self-dealing avoided?
There are many issues to be discussed and decided when planning how your estate is going to pass to the next generation, especially when you’ve survived a divorce or remarried to someone who may or may not have children. These issues are manageable if you discuss them with an attorney with relevant estate planning experience. A little planning can go a long way to prevent hard feelings and avoid conflict. It is easy to procrastinate, but generally the price is high.